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SIGNATURE JOHN E. DENNEEN
TITLE SECRETARY
TAIT, WELLER & BAKER
Certified Public Accountants
REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
ON INTERNAL CONTROL STRUCTURE
Board of Directors
Royce Global Trust, Inc.
New York, New York
In planning and performing our audit of the financial statements of the Royce
Global Trust, Inc., for the year ended December 31, 1998, we considered its
internal control structure, including procedures for safeguarding securities,
in order to determine our auditing procedures for the purpose of expressing
our opinions on the financial statements and to comply with the requirements
of Form N-SAR, not to provide assurance on the internal control structure.
The management of the Fund is responsible for establishing and maintaining an
internal control structure. In fulfilling this responsibility, estimates and
judgments by management are required to assess the expected benefits and
related costs of internal control structure policies and procedures. Two of
the objectives of an internal control structure are to provide management
with reasonable, but not absolute, assurance that assets are safeguarded
against loss from unauthorized use or disposition, and that transactions are
executed in accordance with management's authorization and recorded properly
to permit preparation of financial statements in conformity with generally
accepted accounting principles.
Because of inherent limitations in any internal control structure, errors or
irregularities may occur and not be detected. Also, projection of any
evaluation of the structure to future periods is subject to the risk that it
may become inadequate because of changes in conditions or that the
effectiveness of the design and operation may deteriorate.
Our consideration of the internal control structure would not necessarily
disclose all matters in the internal control structure that might be material
weaknesses under standards established by the American Institute of Certified
Public Accountants. A material weakness is a condition in which the design
or operation of the specific internal control structure elements does not
reduce to a relatively low level the risk that errors or irregularities in
amounts that would be material in relation to the financial statements being
audited may occur and not be detected within a timely period by employees in
the normal course of performing their assigned functions. However, we noted
no matters involving the internal control structure, including procedures
for safeguarding securities, that we consider to be material weaknesses, as
defined above, as of December 31, 1998.
This report is intended solely for the information and use of management and
the Securities and Exchange Commission, and should not be used for any other
purpose.
/s/ Tait, Weller & Baker
Philadelphia, Pennsylvania
January 29, 1999
ROYCE GLOBAL TRUST, INC.
ARTICLES OF AMENDMENT
Royce Global Trust, Inc., a Maryland corporation (the "Corporation"),
hereby certifies to the Maryland State Department of Assessments and
Taxation that the Articles Supplementary to the Corporation's Articles of
Incorporation relating to the Corporation's 7.45% Cumulative Preferred
Stock (the "Cumulative Preferred Stock") (the "Articles Supplementary") are
hereby amended in the manner set forth below.
FIRST: Article I of the Articles Supplementary is hereby
amended by deleting the definition of "Moody's Eligible Assets" and
inserting the following in lieu thereof:
"Moody's Eligible Assets"* means:
(i) cash (including, for this purpose, receivables for
investments sold to a counterparty whose senior debt securities
are rated at least Baa3 by Moody's or a counterparty approved by
Moody's and payable within five Business Days following such
Valuation Date and dividends and interest receivable within 70
days on investments);
(ii) Short-Term Money Market Instruments;
(iii) commercial paper that is not includible as a Short-Term
Money Market Instrument having on the Valuation Date a rating
from Moody's of at least P-1 and maturing within 270 days;
(iv) preferred stocks (A) which either (1) are issued by
issuers whose senior debt securities are rated at least Baa1 by
Moody's or (2) are rated at least "baa3" by Moody's (or in the
event an issuer's senior debt securities or preferred stock is
not rated by Moody's, which either (1) are issued by an issuer
whose senior debt securities are rated at least A by S&P or (2)
are rated at least A by S&P and for this purpose have been
assigned a Moody's equivalent rating of at least "baa3"), (B) of
issuers which have (or, in the case of issuers which are special
purpose corporations, whose parent companies have) common stock
listed on the New York Stock Exchange or the American Stock
Exchange, (C) which have a minimum issue size (when taken
together with other of the issuer's issues of similar tenor) of
$50,000,000, (D) which have paid cash dividends consistently
during the preceding three-year period (or, in the case of new
issues without a dividend history, are rated at least "a1" by
Moody's or, if not rated by Moody's, are rated at least AA by
S&P), (E) which pay cumulative cash dividends in U.S. dollars,
(F) which are not convertible into any other class of stock and
do not have warrants attached, (G) which are not issued by
issuers in the transportation industry and (H) in the case of
auction rate preferred stocks, which are rated at least "aa" by
Moody's,
<PAGE>
or if not rated by Moody's, AAA by S&P or are otherwise
approved in writing by Moody's and have never had a failed
auction; provided, however, that for this purpose the aggregate
Market Value of the Company's holdings of any issue of preferred
stock shall not be less than $500,000 nor more than $5,000,000;
notwithstanding the foregoing, preferred stock which is currently
convertible into common stock which is a Moody's Eligible Asset
pursuant to clause (v) below is a Moody's Eligible Asset to the
extent of the aggregate Market Value of the number of shares of
common stock into which the preferred stock is convertible;
(v) common stocks (A) (i) which are traded in the United
States on a national securities exchange or in the over-the-
counter market, (ii) which, if cash dividend paying, pay cash
dividends in U.S. dollars, and (iii) which may be sold without
restriction by the Corporation; provided, however, that (1)
common stock which, while a Moody's Eligible Asset owned by the
Corporation, ceases paying any regular cash dividend will no
longer be considered a Moody's Eligible Asset until 71 days after
the date of the announcement of such cessation, unless the issuer
of the common stock has senior debt securities rated at least A3
by Moody's, (2) the aggregate Market Value of the Corporation's
holdings of the common stock of any issuer shall not exceed 4% in
the case of utility common stock and 6% in the case of non-
utility common stock of the number of outstanding shares times
the Market Value of such common stocks, and (B) which are
securities denominated in any currency other than the U.S. dollar
or securities of issuers formed under the laws of jurisdictions
other than the United States, its states, commonwealths,
territories and possessions, including the District of Columbia,
for which there are dollar-denominated American Depository
Receipts ("ADRs") which are traded in the United States on a
national securities exchange or in the over-the-counter market
and are issued by banks formed under the laws of the United
States, its states, commonwealths, territories and possessions,
including the District of Columbia; provided, however, that the
aggregate Market Value of the Corporation's holdings of
securities denominated in currencies other than the U.S. dollar
and ADRs in excess of (i) 6% of the aggregate market value of the
outstanding shares of common stock and ADRs of the issuer thereof
or (ii) 10% of the Market Value of Moody's Eligible Assets with
respect to issuers formed under the laws of any single such non-
U.S. jurisdiction , other than Australia, Belgium, Canada,
Denmark, Finland, France, Germany, Ireland, Italy, Japan, the
Netherlands, New Zealand, Norway, Spain, Sweden, Switzerland and
the United Kingdom, shall not be a Moody's Eligible Asset;
(vi) U.S. Government Obligations;
(vii) corporate bonds (A) which may be sold without restriction
by the Corporation and are rated at least B3 (Caa subordinate) by
Moody's (or, in the event the bond is not rated by Moody's, the
bond is rated at least BB- by S&P and which for this purpose is
assigned a Moody's equivalent rating of one full rating category
lower), with such rating confirmed on
<PAGE>
each Valuation Date, (B)
which have a minimum issue size of at least (x) $100,000,000 if
rated at least Baa3 or (y) $50,000,000 if rated B or Ba3, (C)
which are U.S. dollar denominated and pay interest in cash in
U.S. dollars, (D) which are not convertible or exchangeable into
equity of the issuing corporation and have a maturity of not more
than 30 years, (E) for which, if rated below Baa3, the aggregate
Market Value of the Corporation's holdings do not exceed 10% of
the aggregate Market Value of any individual issue of corporate
bonds calculated at the time of original issuance, (F) the cash
flow from which must be controlled by an indenture trustee and
(G) which are not issued in connection with a reorganization
under any bankruptcy law;
(viii) convertible corporate bonds (A) which are issued by
issuers whose senior debt securities are rated at least B2 by
Moody's (or, in the event an issuer's senior debt securities are
not rated by Moody's, which are issued by issuers whose senior
debt securities are rated at least BB by S&P and which for this
purpose is assigned a Moody's equivalent rating of one full
rating category lower), (B) which are convertible into common
stocks which are traded on the New York Stock Exchange or the
American Stock Exchange or are quoted on the NASDAQ National
Market System and (C) which, if cash dividend paying, pay cash
dividends in U.S. dollars; provided, however, that once
convertible corporate bonds have been converted into common
stock, the common stock issued upon conversion must satisfy the
criteria set forth in clause (v) above and other relevant
criteria set forth in this definition in order to be a Moody's
Eligible Asset;
provided, however, that the Corporation's investment in preferred stock,
common stock, corporate bonds and convertible corporate bonds described
above must be within the following diversification requirements (utilizing
Moody's Industry and Sub-industry Categories) in order to be included in
Moody's Eligible Assets:
Issuer:
Non-Utility Maximum Utility Maximum
Moody's Rating (1)(2) Single Issuer(3)(4) Single Issuer (3)(4)
"aaa", Aaa 100% 100%
"aa", Aa 20% 20%
"a", A 10% 10%
CS/CB, "baa", Baa(5) 6% 4%
Ba 4% 4%
B1/B2 3% 3%
B3 (Caa subordinate) 2% 2%
<PAGE>
Industry and State:
Moody's Non-Utility Utility Utility
Rating(1) Maximum Maximum Single Maximum
Single Sub- Single
Industry(3) Industry(3)(6) State(3)
"aaa", Aaa 100% 100% 100%
"aa", Aa 60% 60% 20%
"a", A 40% 50% 10%(7)
CS/CB, "baa", 20% 50% 7%(7)
Baa(5)
Ba 12% 12% N/A
B1/B2 8% 8% N/A
B3 (Caa 5% 5% N/A
subordinate)
(1) The equivalent Moody's rating must be lowered one full rating category
for preferred stocks, corporate bonds and convertible corporate bonds
rated by S&P but not by Moody's.
(2) Corporate bonds from issues ranging $50,000,000 to $100,000,000 are
limited to 20% of Moody's Eligible Assets.
(3) The referenced percentages represent maximum cumulative totals only
for the related Moody's rating category and each lower Moody's rating
category.
(4) Issuers subject to common ownership of 25% or more are considered as
one name.
(5) CS/CB refers to common stock and convertible corporate bonds, which
are diversified independently from the rating level.
(6) In the case of utility common stock, utility preferred stock, utility
bonds and utility convertible bonds, the definition of industry refers
to sub-industries (electric, water, hydropower, gas, diversified).
Investments in other sub-industries are eligible only to the extent
that the combined sum represents a percentage position of the Moody's
Eligible Assets less than or equal to the percentage limits in the
diversification tables above.
(7) Such percentage shall be 15% in the case of utilities regulated by
California, New York and Texas.
; and provided, further, that the Corporation's investments in auction rate
preferred stocks described in clause (iv) above shall be included in
Moody's Eligible Assets only to the extent that the aggregate Market Value
of such stocks does not exceed 10% of the aggregate Market Value of all of
the Corporation's investments meeting the criteria set forth in clauses (i)
through (viii) above less the aggregate Market Value of those investments
excluded from Moody's Eligible Assets pursuant to the immediately preceding
proviso; and (ix) no assets which are subject to any lien or irrevocably
deposited by the Corporation for the payment of amounts needed to meet the
obligations described in clauses (i)(A) through (i)(E) of the definition of
"Basic Maintenance Amount" may be includible in Moody's Eligible Assets.
<PAGE>
SECOND: A majority of the Board of Directors of the Corporation
has approved the foregoing amendment to the charter.
THIRD: No stock entitled to vote on the foregoing amendment to
the charter was outstanding or subscribed for at the time of the approval
of such amendment by the Board of Directors of the Corporation.
FOURTH: These Articles shall be effective on the date the State
Department of Assessments and Taxation of Maryland accepts the Articles for
record.
<PAGE>
IN WITNESS WHEREOF, Royce Global Trust, Inc. has caused these
presents to be signed in its name and on its behalf by its President (or a
Vice President) and its corporate seal to be hereunto affixed and attested
by its Secretary (or its Assistant Secretary) as of this 6th day of
October, 1998.
The undersigned acknowledges these Articles of Amendment to be
the corporate act of the Corporation and states that, to the best of his
knowledge, information and belief, the matters and facts set forth herein
with respect to authorization and approval hereof are true in all material
respects and that this statement is made under the penalties of perjury.
[Affix corporate seal] ROYCE GLOBAL TRUST, INC.
/s/ Dan O'Byrne
Name: Daniel A. O'Byrne
Title: Vice President
Witness:
/s/ John E. Denneen
Name: John E. Denneen
Title: Secretary
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<PER-SHARE-DIVIDEND> .16
<PER-SHARE-DISTRIBUTIONS> .02
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 5.63
<EXPENSE-RATIO> 1.62
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
